Meet Ac INC FY2021 filing

Not tax-deductible

Atlantic City, NJ501(c)(6)Since 2014Community DevelopmentEIN 46-5565508Revenue $7.4M in FY2021

On file with the IRSmeetinac.com1 Convention Blvd, 08401-4136 · Atlantic City, NJTax-exempt since Oct 2014

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Trade association organized (1)to promote and market the city of atlantic city (new jersey) as a destination for convention, meetings and tradeshows; (2) to improve common economic interests of businesses throughout the atlantic city region; and (3) to enhance employment opportunities and stimulate economic growth with the atlantic city region.

92¢ of each $1 spent went to programs.
$393K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $14K a year · under 1% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$393K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
5 mo
of spending, in cash
Looks good: 4.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.2M
99% of total assets
Concern: liabilities are 99% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$7.4M
+40% vs prior year
Spent
$7.4M
To programs
92%
Net assets
$37K
By yearFY2020–FY2025
Revenue
$7.4M
FY2021▲ +40%
Tap a bar for its year
Revenue by fiscal year
FY2020$5.3M
FY2021$7.4M
FY2022$9.9M
FY2023$9.7M
FY2024$10.0M
FY2025$16.0M
Expenses
$7.4M
FY2021▲ +40%
Tap a bar for its year
Expenses by fiscal year
FY2020$5.3M
FY2021$7.4M
FY2022$9.9M
FY2023$9.5M
FY2024$10.0M
FY2025$16.0M
Net assets
$37K
FY20210%
Tap a bar for its year
Net assets by fiscal year
FY2020$37K
FY2021$37K
FY2022$37K
FY2023$156K
FY2024$131K
FY2025$120K

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Oct 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $6.9M Management & general 8% · $580K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990; $393K paid to officers and key staff.

Part VII, Section A · reportable compensation
$221,000Pt VII · Sec A
$171,584Pt VII · Sec A
$0Pt VII · Sec A
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Gary Musich’s $260K as Ceo\sales Ma is at the 46th percentile of top reported officer pay among 572 $10–100M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Gary Musich$260,000$177,596————
Larry Sieg—$239,867—$227,630$221,000—
Evan Sanchez——$234,459———
Sandra Harvey———$208,964$171,584$171,944
Caren Fitzpatrick$194,599$168,657$163,772———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Promotes Atlantic City as a destination, improving business interests and stimulating regional economic growth.

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Provided by the organization

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1 program · in their own filed words · FY2021
01

Activities Include

Promotion of the atlantic city convention center and historic boardwalk hall in atlantic city, new jersey as premier destinations for conventions, meetings, trade shows and group leisure events; conduct coordinated advertising, publicity and promotion campaigns offered in atlantic city for meetings and groups; sell and coordinate booking…

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Total grants receivedfrom 1 funder$30K

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$7.4M
Ln 12
Fees for servicesLn 2g$7.2M
Gifts and grantsLn 1h$187K
Investment incomeLn 3$7K
Money outPt IX
$7.4M
Ln 25
Programscol B$6.9M
Managementcol C$580K
Owns and owesPt X
$37K
net assets · Ln 32
Cash and savingsLn 1–2$3.0M
Total assetsLn 16$3.3M
LiabilitiesLn 26$3.2M
PeoplePt VI, VII
9
listed · VII A
PaidVII A2
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$187K
Government grantsLn 1e$187K
Fees for servicesLn 2g$7.2M
Investment incomeLn 3$7K
Other incomeLn 4–11$5
Total revenueLn 12$7.4M
Assets in detailPt X, end of year
CashLn 1$24K
SavingsLn 2$3.0M
Cash and savings togetherLn 1–2$3.0M
Land, buildings, equipmentLn 10c$39K
Other assetsLn 15$8K
Total assetsLn 16$3.3M
LiabilitiesLn 26$3.2M
Net assetsLn 32$37K
OperationsPt I, VI
EmployeesI 585
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$2.6M$3.0M
Land, buildings, equipmentLn 10c$37K$39K
Total assetsLn 16$2.9M$3.3M
LiabilitiesLn 26$2.9M$3.2M
Net assetsLn 32$37K$37K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$221K$188K$33K
Other salaries and wagesLn 7$1.9M$1.6M$283K
Pension plan contributionsLn 8$102K$88K$14K
Other employee benefitsLn 9$277K$240K$37K
Payroll taxesLn 10$151K$126K$24K
Legal feesLn 11b$31K$21K$10K
Accounting feesLn 11c$24K$16K$8K
Other fees for servicesLn 11g$2K$1K$607
Advertising and promotionLn 12$3.4M$3.4M$15K
Office expensesLn 13$27K$13K$14K
Information technologyLn 14$81K$35K$46K
OccupancyLn 16$92K$32K$60K
InterestLn 20$5K$5K
Payments to affiliatesLn 21$1.1M$1.1M
Depreciation, depletion and amortizationLn 22$14K$14K
InsuranceLn 23$31K$11K$20K
Other expenses (24a–d)Ln 24$18K$7K$10K
All other expensesLn 24e$138$99$39
Total functional expensesLn 25$7.4M$6.9M$580K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $16.0M$16.0M−$11K$120K 990 PDF
FY2024 $10.0M$10.0M−$25K$131K 990 PDF
FY2023 $9.7M$9.5M$119K$156K 990 PDF
FY2022 $9.9M$9.9M$0$37K 990 PDF
FY2021 Viewing $7.4M$7.4M$0$37K 990 PDF
FY2020 $5.3M$5.3M$0$37K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $7,438,971 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $120,838$186,738
I-9 Program service revenuePrior year $5,194,854$7,245,544
I-10 Investment incomePrior year $8,931$6,684
I-11 Other revenue$5
I-12 Total revenuePrior year $5,324,623$7,438,971
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $2,180,913$2,649,867
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $3,143,710$4,789,104
I-18 Total expensesPrior year $5,324,623$7,438,971
I-19 Revenue less expenses$0
Part VI · Governance 6 of 6 board members independent, no flags
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $7,438,971 across 6 lines filed
VIII-1e Government grants$186,738
VIII-1h Total contributions, gifts and grants$186,738
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $7,245,544$7,245,544
VIII-3 Investment incomeExcluded from tax $6,684$6,684
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $5$5
VIII-12 Total revenueRelated to mission $7,245,549 · Excluded from tax $6,684$7,438,971
Part IX · Statement of functional expenses $7,438,971 across 18 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $188,049 · Management $32,951$221,000
IX-7 Other salaries and wagesPrograms $1,615,807 · Management $283,230$1,899,037
IX-8 Pension plan contributionsPrograms $88,185 · Management $13,608$101,793
IX-9 Other employee benefitsPrograms $240,387 · Management $37,096$277,483
IX-10 Payroll taxesPrograms $126,316 · Management $24,238$150,554
IX-11b Legal feesPrograms $20,880 · Management $10,422$31,302
IX-11c Accounting feesPrograms $15,946 · Management $7,957$23,903
IX-11g Other fees for servicesPrograms $1,215 · Management $607$1,822
IX-12 Advertising and promotionPrograms $3,377,846 · Management $15,014$3,392,860
IX-13 Office expensesPrograms $12,668 · Management $14,057$26,725
IX-14 Information technologyPrograms $35,397 · Management $45,726$81,123
IX-16 OccupancyPrograms $32,006 · Management $60,198$92,204
IX-20 InterestManagement $4,860$4,860
IX-21 Payments to affiliatesPrograms $1,071,623$1,071,623
IX-22 Depreciation, depletion and amortizationPrograms $14,418$14,418
IX-23 InsurancePrograms $10,596 · Management $20,000$30,596
IX-24 Other expenses (24a–d)Programs $7,033 · Management $10,497$17,530
IX-24e All other expensesPrograms $99 · Management $39$138
IX-25 Total functional expensesPrograms $6,858,471 · Management $580,500 · Fundraising $0$7,438,971
Part X · Balance sheet $3,278,057 assets, 14 lines filed
Asset lines not itemized here account for $75,000; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $23,383$23,749
X-2 Savings and temporary cash investmentsStart of year $2,582,334$2,965,234
X-4 Accounts receivable$3,313
X-9 Prepaid expenses and deferred chargesStart of year $129,968$128,483
X-10c Land, buildings and equipment, netStart of year $37,357$38,869
X-14 Intangible assetsStart of year $35,000$35,000
X-15 Other assets$8,409
X-16 Total assetsStart of year $2,908,042$3,278,057
X-17 Accounts payable and accrued expensesStart of year $239,929$1,533,679
X-19 Deferred revenueStart of year $2,318,151$1,399,891
X-26 Total liabilitiesStart of year $2,871,055$3,241,070
X-27 Net assets without donor restrictionsStart of year $36,987$36,987
X-32 Total net assets or fund balancesStart of year $36,987$36,987
X-33 Total liabilities and net assetsStart of year $2,908,042$3,278,057
Part XI · Reconciliation of net assets $36,987 net assets at year end
XI-1 Total revenue$7,438,971
XI-2 Total expenses$7,438,971
XI-3 Revenue less expenses$0
XI-4 Net assets at start of year$36,987
XI-10 Net assets at end of year$36,987

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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